Hey guys, do you know how your actions and behaviour in the market place can help a business to know what exactly you want from them? Have you ever came across this fancy business word Consumer Behaviour? Well, Let’s have a look
What Is Consumer Behaviour?
Consumer Behaviour is the study of how people make decisions about what they buy, want, need, or act in regards to a product, service, or company.
Factors That Affect Consumer Behaviour
Psychological Factors:
Each person will respond to a marketing message based on their perceptions and attitudes. Therefore, marketers must take these psychological factors into account when creating campaigns, ensuring that their campaign will appeal to their target audience.
Personal Factors:
When considering personal factors decisions are also influenced by demographics, lifestyle, personality, motivation, information, beliefs and attitude.
Social Factors:
social factors such as reference groups, culture, family, race, social status, marketing mix affect consumer behaviour. Studying consumers enables businesses to create the most appropriate marketing strategies for their target audience.
How Do Organizations use This In Their Business?
Gathering Consumer Behaviour Data
Organizations gather some consumer behaviour data by simply analyzing the sales information you already have i.e study past consumer behaviour.
They can also go for Qualitative Research like asking open-ended question their customers, covering in-depth info of customer etc. And Quantitative Research like questionnaires, launching new products, internet research etc.
Organizations often study consumer behaviour to determine when, how and where they should market their products and services. For example, if you are selling textbooks that only graduate students buy, you probably won’t spend as much time with commercials and will focus more time hanging posters in graduate schools and becoming Facebook friends with graduate programs.
When you know how customers behave in relation to the products you’re selling, you have a better understanding of how to provide good service to them, increasing the chance that you’ll have repeat customers.
